Gender Roles of Men and Women - 2024 Words

The gender roles of men and women are defined before a person is even born. When a parent finds out that their child is either a little boy or girl, themselves and other family members will begin the process of gender role socialization. Gender role socialization as defined in Gidden’s Introduction to Sociology is â€Å"the learning of gender through social factors such as schooling, the media and family.† (Giddens et al. 2014: 216) By buying all blue or pink, making sure the boy will have trucks and army men, and only dolls or tiny kitchens for the girl they are starting the gender role socialization process right away. Gender roles and inequality start at such a young age and is present throughout a person’s life not only by their family and friends, but also in the media, workplace and politics. Some theorists also believe that biology has no role in the differences of genders and that it is all how society treats different genders and how masculinity and femi nist characteristics are defined by others. Gender inequality for women is especially common. Throughout my life I have seen through the way media portrays women, and how they should look, act and behave around men and for them. I believe that the way we have socialized women and how this gender â€Å"must act† has greatly effected how women are treated, paid less, and have gender typing in the workplace. Overall I think the way gender roles of women that are portrayed at a young age greatly affect the way that women act whenShow MoreRelatedGender Roles Of Women And Men845 Words   |  4 Pagesexpected to play specific gender roles. In Canada women and men are thought of as equal, having the same rights to respect, autonomy, and independence (Bonvillain and Miller 2013: 39). The CBSA ignored this right when the agency allowed religious travellers to avoid female guards. Although men and women may have different roles in their households and communities, their work and activ ities are equally valued and socially rewarded (Bonvillain and Miller 2013: 39). These roles play an important partRead MoreGender Roles Of Men And Women1749 Words   |  7 PagesRoles of Males and Females in Different Television Programs Americans watch an alarming amount of television starting from a young age. The average American watches five hours of television a day (Koblin 2016). This enormous amount of media input influences perceptions and is connected to cementing many things in people, such as gender roles. Gender roles are thoughts, actions, and feelings learned by a person fitting their gender due to cultural norms (Santrock 2016). Additionally, stereotypes appealRead MoreGender Roles Of Women And Men1461 Words   |  6 PagesFor years, women have always been inferior to men. Even the bible states, women must be submissive. During War World II, women got a chance to experience a hint of freedom. Not by choice of course. While men went off to war, women had to hold down the fort at home. This marked the beginning to pioneer change. No one foresaw this innovation until it was too late. In a society were men are superior to women, was no longer susceptible. The road towards equality was certainly not an eas y one. AlthoughRead MoreGender Roles Of Women And Men1464 Words   |  6 Pages Introduction: Gender Roles in media is how women and men are portrayed in everyday media such as tv shows, movies, and music. Today media can have negative effects on the thought of gender roles in the society because more and more people stereotype following the media, while stereotyping can lead to prejudices and gender discrimination. This is a controversial issue because men and women are depicted a certain way with unequal and identified gender-related stereotypes which influence the societyRead MoreGender Roles Of Women And Men Essay1485 Words   |  6 PagesAbstract Through many generations women were not treated equally as men. Women have fought their way to have gender equality but it has been slowly progressing. More women are starting to have high ranked jobs, more have been going into the workforce and don’t have to stay home all day long to take care of the kids. There are many differences between the gender roles (how women and men act or how they should be) when it comes to certain things. Like if you tell a girl, she hits like a boy or tellRead MoreThe Gender Roles Of Men And Women1243 Words   |  5 PagesThe gender roles of men and women were quite different in pre-20th-century drama. In his play Lysistrata, Aristophanes creates a world to bring about his thoughts on the Peloponnesian war with the comedic relief of gender role reversal. The women in his play are not necessarily the way women of his time were, but more of what men thought they were as well as what men feared or fantasized women could be like. Through action an d dialogue, the play shows examples of several different types of women. LysistrataRead MoreGender Roles Of Men And Women1702 Words   |  7 Pagesthe agricultural to industrial societies gender role has gradually changed in many ways. It can be seen from today that the role of male and female does not really much different. From the past with the perspective that women need to stay at home and perform housework while men need to work outside, these perspectives have changed over the time. Gender role which was built within the social contexts and since the globe has changed role of both men and women should be able to transform themselves toRead MoreGender Roles Of Men And Women1362 Words   |  6 PagesGender Roles in Fairy Tales Fairy tales have been around for generations. They are a way to express the idealistic realities of society. In most fairy tales, the roles of men and women reflect the way men and women are portrayed in reality. Many cultures believe that women are to be seen and not heard and that the only necessity for them is to take care of the house and raise children to repopulate society. Fairy tales originated from oral tradition. These stories were passed down and here eventuallyRead MoreGender Roles Of Men And Women1998 Words   |  8 Pages Men and Women have many different life experiences that allow their literature to be different from each other. Gender plays a really important role in society. From the day we are born, we are instantly given a blue blanket if we are a boy or a pink blanket if one is a girl. In society, we are told that we can be whoever we want to be, but many people especially women are criticized if they want to endure a path that is similar to a male. In literatu re, authors are able to express from their realRead MoreGender Roles And Expectations Of Men And Women1009 Words   |  5 Pagesthe last few decades, there has been a trend of shift in roles and expectations of men and women. The shift was dynamic in the latter half of the twentieth century. World had been made a great stride in acquiring and adapting to the new definition of gender roles. These changes can be seen in the fields of education, media, economics as well as many other things. The reason for the change is a rapid increase in the number of women at workplaces-worldwide. Unlikely, this wave of change is

The Theory Of Evolution, Introduced By Charles Darwin,

The theory of evolution, introduced by Charles Darwin, is the process by which populations of living organisms change and diversify over time. Evolution has been one of the most controversial topics since the very first day it was proposed. In terms of evolution, science and religion are two separate topics. However, there are some who believe in theistic evolution, which is the study of religious teachings about God (also known as creationism) that are then intermingled with the modern understanding of evolution today. That being said, a commonly asked question is whether or not science such as evolution and religion should be taught together. The answer to this question is no; evolution and creationism should not be taught hand in hand†¦show more content†¦Arkansas 393 U.S 97 (1968)†). It is well-known that any law comes second to the first amendment and was also made very clear that this law had a religious purpose which violates the Establishment clause of the four teenth amendment. With that said, a law was then created stating that evolution may be taught as long as creationism was also taught with it. This law then led into the 1987 case of Edwards vs. Aguillard. At the time, Louisiana held a â€Å"Creationism Act† which forbids, â€Å"the teaching of the theory of evolution in public elementary and secondary schools unless accompanied by instruction in the theory of ‘creation science’† (â€Å"Edwards v. Aguillard†). When this act was created, they believed that this was the best way to allow for both evolution and creationism to be taught. The â€Å"Creationism Act† then led into the â€Å"Balanced Treatment Act† which would allow for children to be taught both subjects and then choose which subject it was they wanted to believe in. The fault in this was that they actually believed children had the ability to decide between a science and pseudoscience. Also, why should children have to choose to believe in one or the other? Why can’t they believe in both? After all, evolution and creationism are not the same subjects. Evolution is a science and creationism is not. Creationists claimed that this would widen the academic curriculum by teaching supposedly all of the evidence (â€Å"Edwards v. Aguillard†). Little didShow MoreRelatedCharles Darwin s Theory On Evolution Essay1074 Words   |  5 Pagesand how did life start, along with the creation of the universe and Earth? Charles Darwin’s theory on evolution, which is called natural selection, is based on the idea of species naturally adapting to their surrounding environment to better the species chances for survival. Creationism, on the other hand, is the belief that the universe and living organisms originate from specific acts of divine creation. Both are theories on life, and how such life came to be thing we all know. It is not the strongestRead MoreThe Theory Of Science And Technology1454 Words   |  6 Pagesscience. Science is crucial because it has helped form the world that we live in today. Charles Robert Darwin was an English geologist and naturalist, best known for his significant addition to the science of evolution. He had a theory that all species have inherited traits over time from common ancestors, and in a partnership with Alfred Russel Wallace introduced his scientific theory that this pattern of evolution resulted from an action that he called natural selection, in which the struggle for existenceRead MoreThe Scientific Theory Of Science And Technology1449 Words   |  6 Pagesscience. Science is crucial because it has helped form the world that we live in today. Charles Robert Darwin was an English geologist and naturalist, best known for his significant addition to the science of evolution. He had a theory that all species have inherited traits over time from common ancestors, and in a partnership with Alfred Russel Wallace introduced his scientific the ory that this pattern of evolution resulted from an action that he called natural selection, in which the struggle for existenceRead MoreEvolution Of Evolution And Natural Selection967 Words   |  4 PagesEvolution and Revolution What do a sponge and bird have in common? Believe it or not, they share a common origin. In the film, Darwin s Tree of Life, the narrator, David Attenborough, presents the audience with the theory of evolution as documented by Charles Darwin in the 1800 s. The video is based on Darwin s perspective of evolution and natural selection. Darwin s findings were revolutionary and caused out-rage among the religious who believed in the story of creation beginning with AdamRead MoreCharles Darwin s Impact On The Scientific Community1478 Words   |  6 PagesCharles Darwin is one the most influential scientists in our history. Without his speculation and theories on evolution, the way we look at evolution today may have been very misguided. Darwin created new ideas and theories that dramatically changed the way we see science today. His impact on the scientific community was both exciting yet controversial. Charles Darwin was born in Shrewsbury, England on February 12 in the year 1809. His parents were Susannah and Robert Darwin (BBC, 2015). WhileRead MoreThe Study Of Evolution And Evolution1276 Words   |  6 PagesTHE STUDY OF EVOLUTION ------------------------------------------------------ The study of Evolution has been a hot topic of controversy over the last two centuries. The definition of evolutionary biology itself generally refers to an area of biological study mixed with the study of the evolutionary processes that are produced by the diversity of life on Earth. This tour of centuries ago, the one you are about to take will help you gain a better understanding of not only those who haveRead MoreDr. Charles. Darwin s Theory Of Evolution1714 Words   |  7 Pages Dr. Charles Robert Darwin was an English naturalist and geologist. He is best known for his contributions to the theory of evolution. He stated that all species have descended over time from common ancestors. With his joint publication with Alfred Russell Wallace he introduced the process called natural selection. Darwin published his theory of evolution in 1859 with a book, On the Origin of Species; many people rejected his idea of natural selection and his theory of evolution. By the 1870’s the Read More Charles Darwin Essay1745 Words   |  7 Pages Charles Darwin was a man who shaped the way in which we think about evolution in modern times. He brought forth and described the theory of natural selection and survival of the fittest. To fully understand modern evolutionary thoughts it is necessary for one to completely understand the early theories of Charles Darwin. In this paper I will provide the reader with a complete background on Charles Darwin, describe his voyage on the HMS Beagle, and discuss his theory of natural selection. Read MoreCharles Darwin And Jean Baptiste Lamarck, Beliefs Opinions And Theories Of Evolution1341 Words   |  6 PagesTheory of evolution â€Å"Evolution can be defined as any change in the heritable traits within a population across generations†. (what is evolution, stated clearly YouTube, 2016). Every living creature can reproduce making another copy of themselves with small variations. The variation can consist of characteristics Like the passing down of fur colour in mice or the development of the length in cane toad’s legs. When these changes occur to their offspring’s, evolution has taken place. WhilstRead MoreCharles Darwins Scientific Theory of Evolution1284 Words   |  6 Pages Charles Darwin is well-known for his groundbreaking work on evolutionary biology. Among his many contributions, The Origin of Species is the most associated with his name. He introduces the scientific theory of evolution and suggests that species have evolved over a period of many generations through a process called natural selection. Darwins theories have created much controversy among his colleagues and led to great amounts of debate. However, the massive amount of criticism directed at Darwin

Bonus Issue Announcement Free Essays

string(51) " issues announcements in the Australian Companies\." The term bonus means an extra dividend paid to shareholders in a joint stock company from surplus profits. When a company has accumulated a large fund out of profits – much beyond its needs, the directors may decide to distribute a part of it amongst the shareholders in the form of bonus. Bonus can be paid either in cash or in the form of shares. We will write a custom essay sample on Bonus Issue Announcement or any similar topic only for you Order Now Cash bonus is paid by the company when it has large accumulated profits as well as cash to pay dividend.Many a time, a company is not in a position to pay bonus in cash in spite of sufficient profits because of unsatisfactory cash position or because of its adverse effects on the working capital of the company. In such a position, the company pays a bonus to its shareholders in the form of shares; a free share thus issued is known as a bonus share. A bonus share is a free share of stock given to current/existing shareholders in a company, based upon the number of shares that the shareholder already owns at the time of announcement of the bonus.While the issue of bonus shares increases the total number of shares issued and owned, it does not increase the value of the company. Although the total number of issued shares increases, the ratio of number of shares held by each shareholder remains constant. An issue of bonus shares is referred to as a bonus issue. Depending upon the constitutional documents of the company, only certain classes of shares may be entitled to bonus issues, or may be entitled to bonus issues in preference to other classes.Bonus share is free share in fixed ratio to the shareholders. for exp. . reliance ind. ltd. issue bonus share in 1:1 ratio and Rs. 13. 00 as dividend/share Sometimes a company will change the number of shares in issue by capitalizing its reserve. In other words, it can convert the right of the shareholders because each individual will hold the same proportion of the outstanding shares as before. Main reason for issuance is the price of the existing share has become unwieldy. Benefits of bonus issue * Conservation of Cash.The issue shares allows the company to declare a dividend without using up the cash that may be used to finance the profitable investment opportunities within the company and thus company can maintain its liquidity position. * Under Financial Difficulty and Contractual Restrictions. When a company faces stringent cash difficulty and is not in a position to distribute dividend in cash, or where certain restrictions to pay dividend in cash are put under loan agreement, the only way to satisfy the shareholders or to maintain the confidence of the shareholders is the issue of bonus shares. * Remedy for Under-Capitalization.In the state of under-capitalization, the rate of divided is very much high. In order to lower down the rate of dividend, the company issued bonus shares instead of paying dividend in cash. * Widening the Share Market. If the market value of a company’s share is very high, it may not appeal to small investors. By issuing bonus shares, the rate of dividend is lowered down and consequently share price in the market is also brought down to a desired range of activity and thus trading activity would increase in the share market. Now small investors may get an opportunity to invest their funds in low priced shares. Economical Issue of Securities. The cost of issue of bonus shares is the minimum because no underwriting commission, brokerage etc. is to be paid on this type of issue. Existing shareholders are allotted bonus shares in proportion to their present holdings. Stock prices as a rule adjust to new information. In an efficient market, this adjustment is instantaneous and accurate. Event studies to test market. Efficiency, therefore, examine the speed of adjustment of stock prices to the release of new, relevant information to investors. One such ‘event’ is the announcement of bonus issues by companies. While accountants view bonus issues as pure book-keeping entries which leave total equities and total assets unchanged and hence have no real economic significance, for investors, however, bonus issues lead to an upward revision in their expectations regarding future earnings and dividends. Generally, therefore, an upward drift in stock prices is associated with such announcements. If markets are efficient, and no learning lags exist, the adjustment in stock prices would be prompt. LITERATURE REVIEW The relationship between bonus issue and share prices has been the subject of much empirical discussion within the finance literature.Empirical research have shown that the market generally reacts positively to the announcement of a bonus issue (see for example, US – Foster ;amp; Vickrey (1978), Woolridge (1983), Grinblatt et al (1984), and McNichols ;amp; Dravid (1990); Canada – Masse et al (1997); NZ- Anderson et al (2001); Sweden – Lijleblom (1989)). The hypothesis that has received strongest support in explaining the positive market reaction to bonus issue announcements is the signalling hypothesis, which suggests that ‘the announcement of a bonus issue conveys new information to the market in instances where managers have asymmetric information’.This hypothesis has received almost unequivocal support with few exceptions (for example, Papaioannou, Travlos and Tsangarakis (2000)2). Having a global look it is found that stock dividend announcements in Greece are almost fully anticipated by the market and do not contain any new information; thus, they have little signaling benefit. However, a Canadian study Masse et al. (1997), revealed investigating the impact of stock dividend announcements on the value of firms listed on the Toronto Stock Exchange, found significant and positive abnormal returns around the announcement date.Ganga and Gunuratne (2009) in respect to CSE (Colombo stock Exchange) suggested that the market responds significantly on bonus  issues with a large price appreciation on the announcement day itself. Positive sentiments start well prior to the event and continue up to about further 6 market days creating both statistically and financially significant arbitrage opportunities According to a research conducted by Balachandran Balasingham ;amp; Tanner Sally (2001) examined the price reaction to bonus issues announcements in the Australian Co mpanies. You read "Bonus Issue Announcement" in category "Papers"They concluded that Bonus issue announcements led to statistically significant positive price reaction around announcement dates for uncontaminated and contaminated events. Whereas Miller and Modigliani (1961) demonstrated theoretically that the bonus issues, along with other types of dividends, do not alter shareholder’s wealth. Sloan (1987) provided Australian evidence that bonus issues do not affect shareholder’s wealth.Ball, Brown and Finn (1977) investigated stock price reaction around the announcements of ‘stock capitalization changes’ (bonus stock issues, stock splits and rights issues) in Australia for the period between 1960 and 1969 using monthly data. They found 20. 2% abnormal returns for 13 months up to end including the month of bonus issue announcements. Adaoglu,C. and Lasfer,M. A. (2008), examined (Istanbul Stock Exchange (ISE)) market valuation of bonus issue which are mainly financed by the revaluations of assets equity reserves in an inflationary economic setting.They found a positive excess return on the announcement day for these bonus issues similar to the market reaction to stock dividends Studies have been carried out in recent years to test the announcement effect of bonus issue in the Indian stock market. Ramachandran (1985) examined mixed evidence for semi-strong form efficiency of Indian stock market. Obaidullah (1992) and Rao (1994) found positive stock market reaction to equity bonus announcements. Foster and Vickrey (1978), Grinblatt (1984), McNichols and Dravid (1990), Lijleblom (1989), reviewed in their study that the market reacts positively to the announcement of bonus issue.In a investigation done by Dhar Satyajit and Chhaochharia Sweta on Indian Stock Market ,they found that Bonus issues are considered to be cosmetic events. Interestingly , they found that bonus issues results in sharp spike on the announcement date. Asim Mishra (2003) found a positive cumulative abnormal return around the bonus issue announcement Fama et al. (1969) carried out his study on relation of announcement effect to stock split and stock dividend and concluded that two types of events are associated with positive stock market effect.Since then other studies have done in the same area. According to Lakonishoke ;amp; Lev (1987), a stock split and a stock dividend change the stock price to a more optimal trading range thus increases the demand for stock, leading a positive stock price effect. Forjan and McCorry (1995) argued for the increase market liquidity. Number of shareholders also increases after a stock split (Dolly, 1933, Barker, 1956, and Lamoureuxs and Poon, 1987). Other studies have also supported optimal trading range (Johanson, 1966, Mcnocholas and Dravid, 1990, Mayers and Barkay, 1956). Market makers are more active in promoting the stock leading to a positive stock market effect (Angel, 1977; and Shultz, 2000). Ross (1977) ;amp; Leyland and Pyle (1977) examined that mangers make use of the financial decisions regarding stock split and stock dividend to convey private information about the current value of the firm. Brennan and Copeland (1988), Brennan and Hughes (1991) study says that, the declarations of bonus issues convey favorable private information about the future earnings to the investors.Rao and Geetha (1996) investigated that one could not make excess money in the stock market by studying that patterns of abnormal returns of announcements made earlier. Srinivasan (2002) found extremely large positive abnormal returns on ex-bonus and ex-rights dates for equity stocks. Mishra (2005) found significant positive abnormal returns for a five-day period prior to bonus announcement. Similar study by Budhraja et al (2004) suggests that abnormal returns in stock pri ces around the bonus announcement date over a three day trading period starting one day before the announcement date is significant at 95% confidence limit. It also says that much of the information in the bonus announcement gets impounded into stocks by the time of announcement. Dhar,S. ,Chhaochharia,S. , Market Reaction Around the Stock Splits and Bonus Issues: Some Indian Evidence, examined that bonus issues result in sharp spike on the announcement date. Stock splits announcements are resulting in positive returns during entire event window although effect on announcement date is not that sharp. It may be due to the fact that stock splits are more common for momentum stocks whereas bonus issues are made for all type of stocks.Barnes and Ma (2002) observe the stock price behavior in response to the bonus issues and they observe positive abnormal returns. OBJECTIVES OF THE STUDY * To find out the effect of bonus issues in Indian Stock Exchange. * To find out the effect on Indian Stock Exchange, before and after the bonus issue announcement. * To find out effect on excess returns, abnormal returns, trading volume and abnormal volume. * To open new vistas for further research. RESEARCH METHODOLOGY The study was descriptive in the nature. The population of the study was the Companies listed on the National Stock Exchange.The sampling frame of the study consisted of all the companies involved in the formation of Indian Stock Exchange from the financial years 2004-2010. The sample size was all the companies listed on the Indian Stock Exchange. Individual Company, which issued bonus issues in Indian Stock Exchange, during the study period, acted as the sampling element. Non-probability judgmental sampling technique was used. Secondary data of all the stocks added in Indian Stock Exchange from 2004-2010 was collected from official websites of nse india and individual companies was used for data collection.Tools for data analysis 1. Price effects: Researcher has evaluated the price effects of National Stock Exchange changes by examining the abnormal returns around the announcement day. Two different measures of abnormal returns are used: First, we calculate the excess return as the difference between the stock return and the return on the relevant index; this measure is the market-adjusted return measure used by Lynch and Mendenhall (1997) and Chen, Noronha and Singal (2004), among others. Next, the abnormal returns were computed.The market model parameters are estimated over a 240-day preannouncement window (ranging from -280 days to -41 days relative to the announcement day) with the index returns as the proxy for the market portfolio1. 2. Abnormal Returns= Difference between the stock return and the return on the relevant index i. e. (Stock Return- Returns of Index) Hypotheses1: there is no change in Excess Returns between ones before and ones after the bonus issue. Hypotheses2: there is no change in Abnormal Returns between ones before and ones after the bonus issue. 3. Normal Distribution TestFirstly, normal distribution of all the stock was checked through normal distribution test. This was done through One-Sample Kolmogorov-Smirnov Test on the SPSS software. It was found that all the companies’ stock return and stock volume data was normally distributed. So the data was not distributed abnormally. 4. T- Tests T-test was applied in order to assess whether the means of stock returns before and after the inclusion are statistically different from each other or not. It means to examine whether there was any significant difference between them or not.It was carried out on SPSS software and it was found that there is significant level between them. Similarly T-test was applied in order to assess whether the means of stock volume before and after the bonus issues are statistically different from each other or not. It was carried out on SPSS software and it was found that there is significant level between them. The test of equality of mean in the data processing is basically using t test. The day of execution (t0) is not included in the data compared to avoid the overreaction effect on the day of bonus announcement.The research conducted by Nuryadin (2004) and Lamoureux and Poon (1987) had done a similar methodology to study the volume change of individual companies on the day of bonus announcement. Results and Discussion Previous research on bonus issues has not discovered any significant differences in price reaction around announcement dates between bonus issue announcements One of the most common experimental designs is the â€Å"pre-post† design. A study of this type often consists of two measurements taken on the same subject, one before and one after the introduction of a treatment or a stimulus.The basic idea is simple. If the treatment had no effect, the average difference between the measurements is equal to 0 and the null hypothesis holds. On the other hand, if the treatment did have an effect (intended or unintended! ), the average difference is not 0 and the null hypothesis is rejected. In the present research impact of bonus issue on the stock return is seen. The difference between the pre issue returns and post issue returns is seen on the companies listed continuously in Nifty from 2005-06 to 2009-2010. Stock returns are analysed over a sample frame from 30, 60, 90 and 240 days prior to the bonus issue announcements to 30, 60, 90 and 240 days subsequent to the announcement. stock returns are calculated over various event windows. To reflect the potentiality of event- induced variances this study used the paired sample t test. The Paired-Samples T Test procedure is used to test the hypothesis of no difference between two variables. The data may consist of two measurements taken on the same subject or one measurement taken on a matched pair of subjects. Testable HypothesesH1: Companies undertaking bonus issues will experience positive announcement period stock returns. H01: There is no significant difference between the pre and post returns mean. We hypothesise that the companies in our sample will experience positive announcement period stock returns on the basis that these announcements convey favourable information regarding the company’s future prospects to less informed market (see for example, Foster and Vickrey (1978), Woolridge (1983), Grinblatt et al (1984), McNichols and Dravid (1990) and Anderson et al (2001).Table 1: T test Results for 30 days windows COMPANY NAME| 30 days | | t-test| Significance Level| Hypothesis Accepted/Rejected| | | | | DABUR| 0. 618| 0. 545| REJECTED| GAIL| 0. 467| 0. 646| ACCEPTED| HCL| -0. 175| 0. 863| ACCEPTED| INFOSYS| 0. 562| 0. 58| ACCEPTED| ONGC| -0. 701| 0. 493| ACCEPTED| CIPLA| 1. 304| 0. 211| REJECTED| RELIANCE| 0. 575| 0. 572| REJECTED| TCS| 0. 276| 0. 786| ACCEPTED| The results of paired t test applied on the pre and post 30 days returns showed that For GAIL, HCL,INFOSYS, ONGC and TCS there is no difference between the pre and post announcement returns.For DABUR, CIPLA nad RELIANCE the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signalling hypothesis consistent with our first hypothesis (H1). In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns.COMPANY NAME| 60 days| | t-test| Significance Level| Hypothesis Accepted /Rejected| | | | | DABUR| 1. 413| 0. 166| REJECTED| GAIL| 0. 42| 0. 677| ACCEPTED| HCL| -0. 457| 0. 651| ACCEPTED| INFOSYS| -0. 667| 0. 508| ACCEPTED| ONGC| -1. 116| 0. 272| ACCEPTED| CIPLA| 1. 409| 0. 167| REJECTED| RELIANCE| 0. 486| 0. 63| ACCEPTED| TCS| -0. 063| 0. 95| ACCEPTED| The results of paired t test applied on the pre and post 60 days returns showed that For GAIL, HCL,INFOSYS, ONGC, RELIANCE and TCS there is no difference between the pre and post announcement returns.For DABUR, and CIPLA the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signalling hypothesis consistent with our first hypothesis (H1). In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns.COMPANY NAME| 90 days| | t-test| Significance Level| Hypothesis Accepted/Rejected| | | | | DABUR| 0. 435| 0. 665| ACCEPTED| GAIL| 0. 724| 0. 472| REJECTED| HCL| -0. 592| 0. 556| ACCEPTED| INFOSYS| -0. 771| 0. 444| ACCEPTED| ONGC| -0. 896| 0. 374| ACCEPTED| CIPLA| 1. 952| 0. 056| REJECTED| RELIANCE| 0. 868| 0. 389| REJECTED| TCS| 0. 053| 0. 958| ACCEPTED| The results of paired t test applied on the pre and post 90 days returns showed that For, DABUR, HCL, INFOSYS, ONGC and TCS there is no difference between the pre and post announcement returns.For GAIL, CIPLA nad RELIANCE the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signalling hypothesis consistent with our first hypothesis (H1). In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns.COMPANY NAME| 240 days | | t-test| Significance Level| Hypothesis Accepted/Rejected| | | | | | | DABUR| 0. 607| 0. 545| REJECTED| | GAIL| -0. 441| 0. 66| ACCEPTED| | HCL| 0. 274| 0. 785| ACCEPTED| | INFOSYS| -1. 047| 0. 297| ACCEPTED| | ONGC| -0. 12| 0. 905| ACCEPTED| | CIPLA| 1. 828| 0. 069| REJECTED| | RELIANCE| 0. 703| 0. 483| REJECTED| | TCS| -1. 769| 0. 079| ACCEPTED| | The results of paired t test applied on the pre and post 240 days returns showed that For GAIL, HCL, INFOSYS, ONGC and TCS there is no difference between the pre and post announcement returns.For DABUR, CIPLA and RELIANCE the pre and post Announcement period stock returns have statistically significantly Difference. Therefore, for these companies we can conclude that the positive reaction on announcement period is predominantly attributed to bonus issue announcements. These findings support for the signaling hypothesis consistent with our first hypothesis (H1). In summary, announcement period results indicate strong support for hypothesis one, as companies issuing bonus shares appear to experience positive and significant announcement period abnormal returns.CONCLUSION This study examines the return reaction to bonus issues announcements. Bonus issue announcements led to statistically significant positive price reaction around announcement dates. The results in general have indicated that HCL, INFOSYS, TCS, ONGC are the companies which have no significant differences in the pre and post bonus issue announcement returns. On the other side CIPLA came out to be the company whose returns were significantly differencet in the pre and post bonus issue announcement.Looking to the other side, GAIL is the organisation which shows no significant differences in the pre and post bonus issue announcement returns for 30, 60, 240 days window but for 90 days window significant differences in the pre and post bonus issue announcement returns are seen. This mean impact of bonus share announcement is shown after 90 days. Similarly for DABUR, there is a significant differences in the pre and post bonus issue announcement returns when test are carried out for 30, 60, 240 days windows, but for 90 days window, there comes no significant differences in the pre and post bonus issue announcement returns. The magnitude of price reactions to bonus issue announcement found to be statistically significantly related to the size of the bonus issue and preannouncement effect This study provides additional evidence of industry influence. Results obtained for IT companies (based on industry classification of the issuing Companies), indicate weaker announcement period return reaction as compared to pharmaceutical company Overall, then, evidence presented in this paper lend considerable support for signalling hypothesis and consistent with the findings in US, Sweden, Canada and New Zealand.Signalling effect is stronger for industrial nonfinancial and mining companies than financial companies. How to cite Bonus Issue Announcement, Papers

Henrik Ibsen displays role pla... free essay sample

Henrik Ibsen displays role play in A Dolls House. The main character, Nora, pretends to be the person society wants her to be. Ibsen challenges the stereotypes of the characters role in a community where everyone is expected to have a society pleasant marriage. In A Dolls House, Ibsen shows how Noras persona changes from an obedient trophy wife to an independent, self-actualized woman. When Nora is first introduced, her first impressions lead the readers to believe she is this compliant wife who seems to love money. In the first act, Nora only seems to want Torvalds money. When Torvald asks what she wants for Christmas, she is quick to answer money. The way Torvald answers to her is comical because he addresses her as if she was a child or a pet. For instance, come, my little skylark mustnt droop her wings. What is this? Is my little squirrel out of temper? (Ibsen 4). This shows that Nora is more of a possession to Torvald than an equal wife in the marriage. Ibsen introduces Nora as a feeble-minded, submissive loving wife but this is only her role that she plays in the household. Later on in the play, the readers learn the true intention of why Nora is always asking for money. When Torvald was sick, Nora took a loan out of the bank without her husbands consent to save his life. Now, Nora is working a side job and paying back the loan with every money she receives without anyone knowing. Nora forging her husbands signature to take out the loan is quite impactful. It shows Nora is the opposite of what the readers assumed about her. Nora does not seem to be this gold digger type of woman but someone who knows how to own up and take control of a situation. The intensity of the play increases as Krogstad is introduced in the play. To explain, Noras old friend, Mrs. Linde, comes into the play hoping to get a job. This leads to Torvald making a decision on firing Krogstad and replacing him with Mrs. Linde. The only reason Torvald is quick to think of firing Krogstad is because he was caught with the crime he and Nora committed. The society treats criminals below than the normal people and Krogstads bad reputation leads him to be the first choice to be replaced by Mrs. Linde. Krogstad fears if he loses this job, his life will go downhill as he will not be able to provide for his children anymore. Krogstad acts instantly in a way everyone would if they were in his place. For example, I have warned youWhen Helmer has had my letter I shall expect a message from him (Ibsen 45). Krogstad felt as if he had no choice but to blackmail Nora until he gets his job back. Krogstad blackmailing Nora increases the plot of the play but it also shows how different Noras characteristics are than what readers first assumed. Readers can infer that she is selfless because she is literally going through all of this because of her husband. She cares about her husband and the family reputation so much that she is paying the debt in every possible way she can to get this burden off of her life. It is very impressive for a woman living in the nineteenth century with kids and little income to hide such a secret and paying the debt off all by herself. Noras actions shows she has always been different from what everyone thought of her and that she is a brave, selfless woman.As the play continues, Mrs. Linde has an big impact on the play. In this play, Mrs. Linde represents a model woman who is independent and hard working. Her decision to stop Krogstad from taking the letter back leads to the final altercation between Nora and Torvald. Readers can argue if Mrs. Linde is right or wrong for making this decision. For example, she could have stopped Krogstad because she envied Noras luxurious life and wanted to see her finally struggle in life. On the other hand, Mrs. Linde decided to let Torvald know the truth to show Nora that he cares about reputation more than her. Around the end of the play, Noras effort to consistently keep Torvald away from reading the letter is admirable. It shows how much she cares for her husband even though the whole debt situation was because of him. Nora tries everything to stop Torvald from reading the letter. For instance, Ibsen displays a tarantella dance in the play which translates to tarantulla dance. The significance of this dance is that when a person gets bit by a tarantulla, their body starts to tremble so they have to keep moving in order not to be affected badly by the poison. Ibsen uses this dance to show how Nora tries to dance in the play to get rid of her problems at the moment. Unfortunately, she cannot stop the poison that was doomed to affect her which is the revelation of the letter.Finally, when Torvald opens the letter, he gets very frustrated with Nora for what she has done. He does not stop for one second to think that she did all of this for him. At this point, Nora finally realizes the life she is living is not benefiting her. She realizes Torvald never really loved her as a husband should to his wife. For example, you have never understood me.. .you have never loved me, you have only thought it was pleasant to be in love with me ( Ibsen 66). This shows that Nora could never be her true self in their relationship. Even if she did act like her true self, Torvald would never accept it because his ideal marriage is based off of the societys expectations. Noras final decision is to leave everything behind including her children to discover herself. All these years living under Torvald and societys norms, she feels the need to explore her true inner self. For instance, I was your little skylark, your doll. ..it was then it dawned upon me that for eight years I had been living here with a strange man and borne him three children. I cant bear to think of it (Ibsen 70). Clearly, Nora regrets everything she has done with Torvald once she realizes he was never the man for her. Nora does not hesitate to leave Torvald and their children behind.At the end of the play, Nora is seen as this determined independent woman. Ibsen uses Nora to show women are capable and should be treated equally in the society. In the beginning, the readers believed Nora is this ideal wife who seems to love and support her family. Then, once the readers learn about her second life, she is appreciated more. In this second life, Nora shows woman are capable to do men work and handle a lot of pressure. Ibsen displays Noras secret life to show the readers women can be their own person and more than capable of living their own life. Noras secret life is the reason why she did not hesitate before she left her old life behind to discover herself.